---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-26-011410"
form_type: "8-K"
ticker: "GHC"
cik: "0000104889"
company_name: "Graham Holdings Co"
filed_at: "2026-02-25T23:59:59+00:00"
generated_at: "2026-05-16T00:03:30.133759+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Graham Holdings Q4 net income $108.7M down 80% YoY; adjusted EPS $11.45 vs $22.58

## Summary
- FY 2025 revenue $4.96B (+3.5%); Q4 revenue $1.25B (flat). Operating income $234.9M vs $215.5M.
- FY net income $292.3M ($66.47/sh) vs $724.6M ($163.40/sh) due to prior year pension settlement gain.
- Q4 adjusted EPS (non-GAAP) fell to $11.45 from $22.58; FY adjusted EPS $51.50 vs $63.63.
- Inventory overstatement estimated up to $22M as of Q3 2025, causing delay in 10-K filing; restatement pending.
- Television broadcasting revenue down 32% in Q4 due to lower political ad revenue; issued $500M notes due 2033 refinanced existing debt.

## SEC filing metadata
- accession: 0001628280-26-011410
- form_type: 8-K
- ticker: GHC
- cik: 0000104889
- company_name: Graham Holdings Co
- filed_at: 2026-02-25T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/104889/000162828026011410/0001628280-26-011410-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/104889/000162828026011410/ghc-20260225.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-26-011410
- JSON: https://secwatch.observer/filing/0001628280-26-011410.json
- Plain text: https://secwatch.observer/filing/0001628280-26-011410.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.